https://www.taxtmi.com/caselaws?id=109420 A court-imposed condition requiring the valuation report to be filed before sale of mortgaged assets was mandatory, not directory; non-compliance deprived the Court and interested creditors of scrutiny and vitiated the sale. After a winding up order, a State Financial Corporation's power under section 29 of the State Financial Corporations Act, 1951 operates subject to sections 529 and 529A of the Companies Act, 1956, so the workmen's pari passu charge must be protected under Company Court supervision. The Corporation could not claim unfettered authority to confirm the sale or appropriate proceeds free of the winding up regime. The sale was therefore unsustainable. en-us Fri, 12 Sep 2003 00:00:00 +0530 Mon, 09 Apr 2012 18:43:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109420 A court-imposed condition requiring the valuation report to be filed before sale of mortgaged assets was mandatory, not directory; non-compliance deprived the Court and interested creditors of scrutiny and vitiated the sale. After a winding up order, a State Financial Corporation's power under section 29 of the State Financial Corporations Act, 1951 operates subject to sections 529 and 529A of the Companies Act, 1956, so the workmen's pari passu charge must be protected under Company Court supervision. The Corporation could not claim unfettered authority to confirm the sale or appropriate proceeds free of the winding up regime. The sale was therefore unsustainable. Case-Laws Companies Law Fri, 12 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109420